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Four things to know before taking a personal loan for medical expenses

By Finserv MARKETS - May 2,2019
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Personal-loan

A medical emergency always comes unannounced and we as individuals believe in providing the best treatment for our dear ones and ourselves. There are health insurances to cover such expenses but at times their limit also gets exhausted and we need more funds. On such occasions, a Personal Loan comes to the rescue. Personal Loans help us during medical emergencies and enable us to undertake the expenses of the treatment that is beyond us or our health insurance policies. A personal loan can be availed both online and offline, all you need to do is visit the concerned application or visit the branch.

If you have your doubts regarding the eligibility of the loan, you can use the eligibility calculator to get more clarity. An eligibility calculator will give you a rough estimate about the EMI amount and you can accordingly decide the suitable repayment option for you. In Finserv MARKETS, the repayment tenure is flexible and ranges from 12 to 60 months.

However, before you apply for a personal loan on medical grounds, keep the following points in mind:

Assessing your current health insurance

For a medical emergency, borrow only the amount that is needed over and above the sum insured of your health insurance policy. Going for a loan of higher amount might burden you later, so, to avoid any such situations, borrow only what is required.

Compare Loans

There are several platforms online where you can see a plethora of loans that seem attractive. It is prudent that a borrower checks every detail, every hidden cost from the lender before he gets the loan. What may appear beneficial initially, may not be fruitful eventually. Therefore, be careful about your choice. In Finserv MARKETS, we offer a seamless application process of loan wherein you upload the KYC documents, we check your eligibility and approve it in minutes without any hidden costs.

Good Credit Score

Not just for a personal loan, a good CIBIL score is paramount for everything. Having a good CIBIL score, smoothens the loan acquiring process. This implies that the lender has already invested its trust in you after learning about your financial history. The minimum CIBIL score eligibility for any loan or credit card is 750. This score can only be achieved through healthy transactions of loans, and credit card and regular repayments.

Bad Credit Score

Having a bad credit score makes the process of acquiring a loan difficult. In such cases, you can personally approach the bank or a Non-Banking Financial Company (NBFC) to discuss your case. The probability of getting a loan varies in different establishments but higher interest rates could be applicable here. Your loan could be processed if the lender sees a rise in your monthly income and assumes you are in a position to repay the loan. These scenarios are based purely on the cases and organisation.

If these points have given you clarity on the requirement and you are ready to take a personal loan. Look no further, get a Bajaj Finserv personal loan from Finserv MARKETS to avail the features like low EMI, instant approval, minimal documentation, etc. to assist you during your emergency. So why wait? Apply for a Bajaj Finserv personal loan with us, today!

Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and exclusive EMI store, all under one roof- anytime, anywhere!

 

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522